Richard M. Flaherty, president of College Parents of America, a not-for-profit advocacy group based in Washington, D.C., says it was the persistent concerns of parents that spurred his organization to set up a program that assists students and their parents with credit-related issues.

"[Parents] were unable to assume that their students were prepared with the money-management skills," he says.

As a result, his group founded a program known as Money Talks. In conjunction with MasterCard International, the show seeks to educate students and parents on the basics of budgeting, using credit and learning to spot habitual overspending.

"I recognize that credit cards can be a challenge to students, but our feeling is that education can make a difference," he says.

Although DeGreeff says he tries to educate students in his proctor groups about the characteristics of being responsible consumers, the College as of now has no specific programs to counsel students with personal financial troubles.

Although many Harvard administrators suggest the situation seems not to be out of control as of yet, Associate Dean David Illingworth says if there is enough demand for such services, the College will supply them.

"If enough students needed help or wanted help, the University would find something," Illingworth says.